Oregon Statutes 757.738 – Surcharge trust accounts related to removal of Klamath River dams
(1)(a) The Public Utility Commission shall establish a separate trust account for amounts generated by each of the two surcharges imposed under ORS § 757.736. The commission shall establish the trust accounts as interest-bearing accounts:
Terms Used In Oregon Statutes 757.738
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
(A) With an agency of the United States identified in the final agreement;
(B) In a qualified depository under ORS § 295.001 to 295.108; or
(C) With the State Treasurer, to be invested as provided in ORS § 293.701 to 293.857.
(b) The commission may establish each of the two trust accounts with a different trustee among those listed in paragraph (a) of this subsection.
(c) The commission may authorize transfer of funds from one trust account to another as necessary to fund removal of the Klamath River dams.
(2) If an agreement is entered into under ORS § 757.742 (2), the parties to the agreement may agree that a portion of the amounts collected under one surcharge may be deposited in the trust account established for amounts collected under the other surcharge.
(3) Upon request of an agency of the United States, or upon request of the designee of an agency of the United States, the commission shall require the trustee of the appropriate trust account established under this section to transfer to the agency or designee the amounts that are necessary to pay the costs of removing the Klamath River dams as described in ORS § 757.736 (11).
(4) If any amounts remain in a trust account established under this section after the trustee makes all payments necessary for the costs of removing the Klamath River dams as described in ORS § 757.736 (11), the commission shall direct the trustee of the account to refund those amounts to customers or to otherwise use the excess amounts for the benefit of customers. [2009 c.690 § 5; 2011 c.394 § 2; 2019 c.587 § 50]